Gold share price today 3-05-2021: BUY gold around Rs 46550 with stop-loss of Rs 46300, price target Rs 47000

Gold share price today 3-05-2021: Prithvi Commodity says that Gold and silver slips last week; gold plunged second week in a row amid rebound in the dollar index and rising U.S. bond yield. The Trend will remain volatile going ahead. On Friday, gold and silver prices were settled on a mixed note in the international markets. Gold June futures contracts were settled at $1,768.60 per troy ounce, up by 0.02% and silver May futures contract was settled at $25.91 per troy ounce, down by 0.53%. Domestic markets were also settled on a mixed note.

Prithvi Commodity expects gold and silver prices remain volatile this week amid volatility in the dollar index and bond yields. Gold prices could hold crucial support level of $1750 per troy ounce on a closing basis and silver could also hold $25.00 per troy ounce on a closing basis.

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Gold June futures contract settled at Rs 46,737 per 10 grams with a minor gain of 0.02%, and silver July futures contract settled at Rs 68,366 per kilogram with a loss of 0.39%. Gold prices slipped for the second straight week amid rebound in the dollar index and rising 10-year bond yields in the United States. The dollar index climbed above 91 marks again on Friday and benchmark 10-year bond yields also reached 1.68% during the week before settling down at 1.62%. Strength in the dollar and bond yield pushed precious metals lower, highlights Prithvi Commodity.

Economic data released last week in the United States was also in line as per expectations. The U.S. GDP in the first quarter rose to 6.4% and consumer confidence reading reached record highs of 121.7, showing swift recovery in the economy post pandemic. However, rising inflation and personal incomes supported gold prices at lower levels. 

Gold has support at $1755-1744, while resistance at $1784-1800 per troy ounce. Silver has support at $25.55-25.20, while resistance is at $26.20-26.66 per troy ounce. At MCX, gold is having support at Rs 46550 – Rs 46330 and resistance at Rs 46920 – Rs 47100 and silver is having support at Rs 67900 – Rs 67500 and resistance at Rs 68800 – Rs 69400. Prithvi Commodity suggests buying in the gold around 46550 with a stop loss of 46300 for the target of Rs 47000.